Analyst, Eli Hackel, said, "We are updating our VAC estimates following 4Q2011 results. Our 2012 and 2013 full-year EPS estimates change to $1.07 and $1.52 from $0.90 and $1.13, respectively. Our quarterly 2012 EPS estimates change to $0.32, $0.22, $0.12, and $0.41 from $0.31, $0.22, $0.14, and $0.23. We also introduce 2013 quarterly EPS estimates of $0.43, $0.33, $0.19, and $0.57 and a 2014 EPS estimate of $1.95. We are raising our estimates to account for higher gross contract sales as the winding down of Europe and Luxury will not be as dramatic as we originally modeled, as least in the next few years."

Goldman analysts also see a reduction in G&A in 2013, but remain Neutral weighted as the 'story' continues to develop, but expect improvements in margins and cash flow as well as a reduction in inventory.

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